Concha plc Update re Moshen Limited Investment (4562M)
27 Agosto 2013 - 3:01AM
UK Regulatory
TIDMCHA
RNS Number : 4562M
Concha plc
27 August 2013
27 August 2013
Concha plc
("Concha" or the "Company")
Update re Moshen Limited Investment
Concha, the AIM listed company investing in media,
communications and technology companies, provides the following
update.
Concha has uncovered apparent financial irregularities which
indicate a significant working capital shortfall within one of its
investee companies, Moshen Limited.
Concha has been made aware of a significant creditor claim
resulting from a material contract which was not disclosed as part
of the due diligence exercise performed prior to its investment.
The Company is working with its advisers to obtain an accurate
assessment of liabilities and the possible impact on the Company's
investment in equity and loans to Moshen and will keep shareholders
updated as appropriate. The Chief Executive of Moshen has been
suspended pending the outcome of the investigation. Concha has
provided approximately GBP867,000 funding in total to Moshen,
comprising approximately GBP400,000 as equity, and approximately
GBP467,000 as secured term loan.
Moshen is one of a number of independent businesses in which
Concha has invested since becoming an investing company in 2012.
The irregularity pertains to a contract unconnected with Moshen's
core trading activities and relates solely to that company.
Consequently, Concha's other investments and its ability to
continue as an investing company will remain unaffected.
Enquiries:
Concha plc chris.akers@srgplc.com
Chris Akers, Executive Chairman
Strand Hanson Limited (Nominated Adviser and Joint Broker) 020 7409 3494
James Harris
Andrew Emmott
Ritchie Balmer
PeterHouse Corporate Finance (Joint Broker) 020 7926 0935
Jon Levinson
Lucy Williams
This information is provided by RNS
The company news service from the London Stock Exchange
END
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